Genex Power Ltd (ASX:GNX) Construction Commences at Kidston Hydro Project
Construction Commences at Kidston Hydro ProjectSydney, April 28, 2021 AEST (ABN Newswire) - Genex Power Limited (
ASX:GNX) is pleased to announce that, further to its announcement of Project Document Contractual Close on 31 March 2021, it has today issued Notice to Proceed under two key construction contracts to formally commence construction of the 250MW Kidston Pumped Storage Hydro Project (K2-Hydro or Project).
This follows the issuance of Notice to Proceed to Powerlink for the 275kV transmission infrastructure works, on 31 March 2021.
Genex is pleased to advise that it has today issued Notice to Proceed under the Engineering, Procurement and Construction (EPC) contract with a joint venture of McConnell Dowell Constructors (Aust.) Pty Ltd and John Holland Group Pty Ltd (MDJH JV) for the Project. The EPC scope includes dam construction, underground and waterway civil works and the full powerhou
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Genex Power Ltd (ASX:GNX) Reaches Finance Document Contractual Close for Hydro
Reaches Finance Document Contractual Close for HydroSydney, April 15, 2021 AEST (ABN Newswire) - Genex Power Limited (
ASX:GNX) is pleased to announce that, further to its announcement of Project Document Contractual Close on 31 March 2021, it has today completed the execution of all outstanding financing documentation and as a result has reached Finance Document Contractual Close ( FD Contractual Close ) for the 250MW Kidston Pumped Storage Hydro Project ( K2-Hydro or Project ). FD Contractual Close secures all of the external financing required for the Project to reach Financial Close.
As part of the FD Contractual Close process, the special purpose vehicle established to own and operate the Project ( Project SPV ) has executed the following final documentation to secure a total of $660M of external financing for the total Project construction costs:
Green light for first new hydroelectricity plant in almost 40 years
A former Queensland gold mining region is set to boost Australia’s first significant hydroelectricity plant in 37 years.
Australian Renewable Energy Agency (ARENA) has given conditional approval for $47 million in funding for the pumped hydro energy storage (PHES) project at Kidston, a former gold mining community around 200km north of Hughenden in central Queensland.
This project gives the disused open-cut mining ponds a new lease of life. Water will flow from an upper reservoir down a slope and through a turbine to generate electricity before reaching the bottom pool. During times of low demand, renewable energy will pump the water back to the top reservoir.